Gold rebounds, silver surges on global cues

ld Mumbai:- Gold prices rebounded to hit the psychological Rs 29,000 level after a two days brief overnight fall at the domestic bullion market here on renewed offtake by jewellery traders and retailers.

Silver surged further due to sustained demand from industrial users.

Standard gold (99.5 purity) hardened by Rs 460 to finish at Rs 29,115 per 10 grams from overnight closing level of Rs 28,655.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 29,265 per 10 grams compared with Rs 28,805.

Silver (.999 fineness) spurted by Rs 595 to conclude at Rs 39,540 per kg against last Friday’s level of Rs 38,945.

On the global front, gold pared early gains, having touched a two-week high that built on Friday’s biggest one-day gain in nearly four months after surprisingly weak U.S. jobs data cut the chance of a June rise in U.S. interest rates.

Spot gold rose to its highest since May 24 at USD 1,248.40 an ounce, before easing and was down 0.3 percent at USD 1,240.50 in early trade.

Among other precious metals, spot silver was unchanged at USD 16.40 an ounce.

PTI

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